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NAPCO Security Technologies, Inc. (NASDAQ: NSSC) is a leading manufacturer and designer of high-tech electronic security equipment. Based in Amityville, New York, NAPCO’s products include intrusion and fire alarm systems, access control, door locking systems, and video surveillance products. These products are marketed and installed by thousands of security professionals worldwide, serving commercial, residential, industrial, institutional, and governmental applications.
The company, comprising NAPCO and its three wholly-owned subsidiaries—Alarm Lock, Continental Instruments, and Marks USA—boasts a reputation for innovation, reliability, and technical excellence. This has positioned NAPCO as a key player in the rapidly expanding multi-billion dollar electronic security market.
In recent developments, NAPCO achieved record-breaking financial results for fiscal 2024. The company reported first-quarter sales of $41.7 million and net income of $10.5 million, marking the highest Q1 net income in its history. Recurring service revenues surged by 25%, contributing significantly to overall sales and earnings growth. The second and third quarters continued this upward trend, with revenues of $47.5 million and $49.3 million respectively, setting consecutive records for highest quarterly sales. The net income also saw substantial increases, reaching $12.6 million in Q2 and $13.2 million in Q3. NAPCO’s strong balance sheet, with $87.5 million in cash and no debt, underscores its financial robustness.
Among its latest innovations, NAPCO introduced Prima by NAPCO, an All-in-One Panel designed for security, fire, video, and connected home applications. This product aims to capture a significant segment of the residential and small business security market. With built-in Wi-Fi/cellular radio communications, the panel offers customer alert notifications and video and smart home subscription options, enhancing the company’s ability to generate recurring revenue.
NAPCO’s commitment to growth is evident in its strategic appointments and promotions within the management team. Kevin Buchel was promoted to President and COO while retaining his CFO role, and Michael Carrieri became the Executive Vice President of Engineering & Chief Technology Officer. Andrew Vuono joined as Senior Vice President of Finance and Chief Accounting Officer, expected to start on June 3rd.
The company's focus remains on further penetrating key markets such as school and classroom security, healthcare, and retail loss prevention. This strategic direction is reinforced by continuous product innovation and technical superiority. NAPCO remains poised for sustained growth and profitability, aiming to maintain its leadership position in the electronic security sector.
NAPCO Security Technologies (NASDAQ: NSSC) reported record net sales of $28.2 million for Q3 FY2021, an 8% increase from $26.2 million last year. Recurring service revenue surged 43% to $8.9 million, underpinning a prospective annual run rate of $36.7 million. Net income rose by 21% to $4.4 million, with diluted EPS increasing to $0.24. Adjusted EBITDA grew 13% to $5.5 million. Cash and equivalents reached $34.1 million, up from $18.2 million last year, showcasing robust cash flow and operational efficiency.
NAPCO Security Technologies, Inc. (NASDAQ: NSSC) plans to release its Fiscal Third Quarter 2021 financial results on May 10, 2021, before market opens, followed by a conference call at 11 A.M. ET. The results will cover the period ending March 31, 2021. Interested participants can join via a dedicated phone line or access a replay. NAPCO is recognized as a leading provider of high-tech electronic security devices and school safety solutions.
NAPCO Security Technologies, Inc. (NASDAQ: NSSC) reported a record second quarter net sales of $27.2 million, a 17% increase from the previous quarter and a 5% increase year-over-year. Recurring service revenue surged 42% to $8.2 million, with a prospective annual run rate of $33.8 million. The company’s net income increased 38% sequentially to $3.2 million, although it declined 10% year-over-year. Cash and cash equivalents stood at $26.8 million, an improvement from $18.2 million six months prior. The strong revenue growth is attributed to the essential fire alarm business, largely unaffected by COVID-19.
NAPCO Security Technologies, Inc. (NASDAQ: NSSC) will announce its Fiscal Second Quarter 2021 results on February 8, 2021, before market opening, following with a conference call at 11 A.M. ET. The company specializes in high-tech electronic security solutions, prominently in school safety. Interested parties can join the call via specified phone numbers or watch the webcast on the company's website. The press release highlights NAPCO's commitment to innovation and growth in the expanding electronic security market.
NAPCO Security Technologies (NASDAQ: NSSC) announced a new school security project at Montana State University-Northern, enhancing campus safety for over 1,000 students. The project features NAPCO's Access Control products and Alarm Lock's Trilogy Networx locks, controlling access to 150 doors. Key features include rapid door opening, data downloads, email alerts, and a five-year battery life. CEO Richard Soloway expressed pride in being chosen for this initiative, highlighting the positive impact of recent funding legislation supporting school security improvements.
NAPCO Security Technologies (NASDAQ: NSSC) will present virtually at the 23rd Annual Needham Growth Conference on January 13, 2021, at 9:15 AM ET. The presentation will focus on the shift to higher-margin recurring revenues from the Starlink Communicator product line and the urgent need for enhanced school security in the U.S. Investors can register for the live webcast through the company's investor relations website. NAPCO is a leading provider of high-tech security devices and school safety solutions, with a portfolio that addresses the needs of K-12 and large universities.
On December 18, 2020, NAPCO Security Technologies (NASDAQ: NSSC) announced that the underwriters of a secondary public offering fully exercised their option to purchase an additional 334,961 shares from Chairman Richard L. Soloway. The initial offering closed on December 15, 2020, with 2,233,071 shares sold at $26.00 each. NAPCO will not receive proceeds from this offering. Post-transaction, Soloway will retain about 20% of NAPCO's outstanding shares. B. Riley Securities and Needham & Company served as joint book-runners for the offering.
NAPCO Security Technologies (NASDAQ: NSSC) announced the pricing of an underwritten secondary public offering of 2,233,071 shares of common stock at $26.00 per share. The offering, which is expected to close on December 15, 2020, is being conducted by Richard L. Soloway, the Chairman and CEO. NAPCO will not receive any proceeds from this sale, and if the underwriters exercise their option for an additional 334,961 shares, he will maintain approximately 20% ownership of the company.
NAPCO Security Technologies, Inc. (NASDAQ: NSSC) has announced a secondary public offering of 2,233,071 outstanding shares of common stock, owned by its Chairman and CEO, Richard L. Soloway. The offering includes an option for underwriters to purchase up to 334,961 additional shares. NAPCO will not receive proceeds from this sale, as it involves existing shares. Following the offering, Soloway will retain approximately 20% ownership of the company. The offering aims to enhance liquidity in NAPCO's common stock.
NAPCO Security Technologies (NASDAQ: NSSC) reported its Q1 financial results for the period ending September 30, 2020. Net sales decreased 12% year-over-year to $23.2 million, attributed to COVID-19's impact on installation access, though recurring service revenue increased 36% to $7.3 million. Gross margin for recurring services improved to 84%. Net income fell to $2.3 million, or $0.13 per share. Cash and equivalents rose to $21.9 million. The company anticipates growth in recurring revenue streams, particularly in fire alarm systems and new access control products.
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